Iceland “overheating” from Bitcoin mining

Bitcoin mining is a hot topic in this cold country as it is reported by the BBC that Bitcoin energy use in Iceland set to overtake homes.

A spokesperson for Icelandic energy firm HS Orka has said that Iceland is facing an “exponential” rise in Bitcoin mining that is gobbling up power resources and that electricity use at Bitcoin mining data centers is likely to exceed that of all Iceland’s homes, according to Johann Snorri Sigurbergsson in 2018.
He told the BBC: “If all these projects are realised, we won’t have enough energy for it,”

Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger which is called the Blockchain as it is a chain of blocks… but to understand this process a lot easier, watch this short explainer video… Bitcoin Mining demystified!